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The government has proposed to give full tax rebateto individuals having taxable annual income up to Rs 5 lakh with a view tobenefitting around 3 crore middle class taxpayers at an estimated revenuesacrifice of Rs 18,500 crore.

Mutual Fund Industry's AUM (Asset Under Management) has grown from Rs 7.01 trillion as on 31st March, 2013 to Rs 23.26 trillion as on 30th April 2018. That's more than three-fold increase in a span of 5 years! The total number of accounts, or folios as per mutual fund parlance, as on April 30, 2018 stood at Rs 7.22 crore, while the number of folios under Equity, ELSS and Balanced schemes - where the maximum investment is from retail segment - has crossed a landmark of Rs 6 crore and stood at Rs 6.03 crore, according to data released by Association of mutual funds of India (AMFI).

Lakhs of investors may now rethink and consider other options to park their funds into other plans. In such cases, fixed deposits may seem to be a better alternative than Public Provident Fund (PPF) and National Savings Certificates (NSCs).

The Income Tax Return Statistics released by the Income Tax Department for Assessment Year 2015-16 has revealed that more than 30,000 taxpayers earned over Rs 1 crore, whereas just 5 individuals had income in the range of Rs 100 - Rs 500 crore.

Currently, tax litigation in India takes more than two decades to reach finality. With Budget 2017 approaching, this brief write-up discusses a range of approaches to minimize tax litigation through negotiation / a defined process.

You are young and healthy. You do not worry about the future. You like splurging and partying. You want to spend today than save for tomorrow. After all, who knows what future has in store for us. It's all fine until you realise one day that retirement is not far and you need to start saving for it.